The Surprising Truth About “Retiring In Place”

Aug 8, 2023 | Exit Planning, friendship, Growth Tips, Leadership, Management, Peer Groups, Planning

Last year I ran a webinar on the topic of Retiring In Place.

We covered why owners are going this route, and what it takes to put in place.

You can watch the webinar recording on YouTube.

Here are some surprising truths about this goal.

The future is now.

All entrepreneurs are dreamers and doers.

We love building businesses and having big goals.

A common dream is building a business to run day-to-day without the owner. Often these are the ten-year or someday goals.

(I know this to be the case, because when I take on a new peer group client or coaching client, I inquire about their short and long term goals).

Here is what I have discovered, after working with close to 350 companies:

Your ten-year goals can be achieved in half the time or less!!!

Case in point: Craig the dreamer & doer

I am working with mid-size firm in Virginia where the managing partner (Craig) has achieved this amazing goal within just a year of working with me.

He has the unique skill of being both a dreamer and an excellent doer.

He now bikes in West Virginia and travels the world on sabbaticals, while also continuing to build the company.

He is a one-of-a-kind operator.

Most of you won’t get there within 12 months like he did. But it will also not take you 12 years either!

What’s your passion?

If you could make your business operate owner-independent, what would you do with your time?

Break this into two lists, and make a dream board for your office.

Away from the business you may want to:

  • Give back to your community
  • Start another business
  • Develop real estate
  • Travel the country in an RV
  • Ski all winter
  • Take more time for reading or gardening
  • Spend more time with family and friends

In the business you may want to:

  • Invent new products
  • Mentor future leaders
  • Go back to designing
  • Do more on the job training
  • Etc.

Another example: a leadership-run company

Some of you have a “what I want to do later in life” list. But why wait?

Life is short, and ten years is a lifetime away.

I recorded a podcast with Krisjan Berzins, President of Kingstowne Lawn & Landscape in VA. He set up his company at an early age to be run by his leadership team.

He touches base frequently but invests his time elsewhere.

He spends his business time on his real estate, and his personal time with family, racing, and his other endeavors.

Listen to it here.

Your Challenge: Clairfy your long-term goal and sprint towards it.

I challenge you to watch the webinar, and listen to the podcast, and speed up your ‘big hairy audacious goals” by turning them into 5 or even 3 year plans.

The clearer the steps, the easier it is to achieve!

You got this!

Jeffrey Scott!

P.S. I am announcing a new virtual masterclass on how to expand your business by “building branches.” Stay tuned, we are announcing it soon.